"He taught me so much and that's why I'm successful" - Magic Johnson explains how Jerry Buss mentored him into a billionaire businessman
Magic Johnson will always be synonymous with the Los Angeles Lakers, given his contributions to the franchise as a player, coach and executive. During this time, he developed a very close bond with Jerry Buss , whom he considered a father figure.
Magic began his Lakers journey in 1979, creating history by winning a title in his debut season. He remains the only rookie to have ever won the Finals MVP. As years passed, he became a focal point of the Showtime Lakers, paving the way for an iconic rivalry against Larry Bird.
The Finals matchups between the Los Angeles Lakers and the Boston Celtics were must-see TV, with the former holding a 2-1 lead. After finishing his career with five championships, Magic planned to focus on developing his businesses and implementing the lessons he had learned from Buss.
During a recent interview with Earn Your Leisure, Earvin addressed how the late Dr. Buss mentored him on his business decisions.
"Look, I was curious, man. I knew I wanted to be a businessman, but I had to get up under somebody who was already doing it and so he could give me knowledge. So, it happened to be the owner of the Lakers, Dr. Jerry Buss. And I told him my dream after I was done winning championships with him. I wanted to own businesses ," said Magic, adding how he would spend time with Jerry during the summers.
The legendary point guard also discussed the locker room taking offense to his spending time with the team owner.
Opposition from the locker room
For whatever reason, there was an unsaid rule among players that they would maintain some boundaries with team owners. However, Magic did not seem to follow the so-called protocol, even getting into a heated argument with his teammates on one such occasion.
On his way to the locker room, Magic had his teammates waiting to discuss something that had been bothering them for a while. Expressing their grievances, they told the five-time MVP that he could not hang out with the team owner. Refusing to react immediately, Johnson responded in the following manner.
"I said, 'What can I say?' Hmm. I said, 'Okay, you guys are millionaires. He a billionaire. I'm hanging out with the billionaire because he's the only guy that can help me go where I want to go…I stayed with that man. He taught me so much. And that's why I'm successful. What did I do? I took the knowledge that he gave me and brought it to the black community, right? And started building my business," added Magic, who is the third NBA player after Michael Jordan and LeBron James to earn the billionaire status.
Buss certainly saw a lot of potential in Johnson, which was not limited to the hardwood. The late businessman decided to take the Lakers superstar under his wing.
Jerry had long-term plans for Magic
Buss signed Johnson to a 25-year contract, starting in 1984, that would pay him $1M per year. He envisioned the 6'9" guard transitioning into a management or coaching role after he retired from playing. The late Lakers owner also took the onus to teach him about business.
"Magic is a bright kid, and I plan to make him my protege, teach him the business aspect of sports. I realize this is a very unusual contract because we're talking about a kid whose college class just graduated. But what it comes down to is that Magic is part of the family," said Dr. Buss.
The business teachings proved invaluable and Magic built a business empire. His portfolio includes co-ownership of major league teams, such as the LA Dodgers, LA Sparks, and Los Angeles Football Club (LAFC). Magic Johnson Enterprises has also expanded its influence into finance and technology, with stakes in Equitrust and Skydio.
More than the trophies and accolades, Magic's legacy now extends into boardrooms and ownership suites. Just as Buss envisioned decades ago, he has become the model for how an NBA superstar can dominate life after basketball.
This story was originally reported by Basketball Network on Sep 29, 2025, where it first appeared in the Off The Court section. Add Basketball Network as a Preferred Source by clicking here.
